The highest marginal tax rate for the federal income tax in the United States is
a. 10 percent
b. 28.3 percent
c. 35 percent
d. 45.4 percent
e. 50 percent
C
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Which of the following is a similarity between a monopoly and an oligopoly with differentiated products?
A) There are no barriers to entry in both markets. B) The long-run equilibrium price in both markets exceeds marginal cost. C) There is a single seller in both markets. D) Firms in both the markets earn zero profit in the long run.
Extrapolative expectations are expectations that:
A. are consistent with economists' expectations. B. a trend will continue. C. a trend will reverse. D. are consistent with trending expectations.
Gross Domestic Product in the U.S. is roughly:
A. more than six times M1. B. twice as large as M2. C. equal to M1. D. equal to M2.
Suppose that the marginal benefit per dollar spent on pop tarts is less than the marginal benefit per dollar spent on waffles. The consumer can always increase their utility by buying:
A. more pop tarts and fewer waffles. B. fewer pop tarts and more waffles. C. more of both goods. D. The consumer cannot increase her utility.